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W Resources Inks EUR5 Million Loan Facility To Pay Off Existing Debt

Tue, 18th Feb 2020 11:52

(Alliance News) - W Resources PLC on Tuesday said it has secured a EUR5 million loan facility to go towards repaying debt and working capital purposes.

The tungsten, tin and gold mining company said the facility, provided by Banco Santander SA, will be used to pay its EUR3 million loan from Spanish bank Caja Rural de Extremadura, with the remaining EUR2 million to be used for working capital.

The loan has an interest rate of 3% per annum payable quarterly. The loan has a term of 12 months but may be paid upon W Resources' receipt of its EUR5.3 million grant from the Junta de Extremadura.

In September the company said it would apply for the grant from Extremadura, in western Spain. The company originally expected to receive the grant in the first half of 2020, however this has been delayed until mid-2020.

In May, W Resources received a EUR3 million loan advance from Caja Rural de Extremadura that provided an advance of funding against the EUR5.3 million grant.

"We are pleased to have closed this new facility with Santander which will provide additional flexibility and liquidity at low-cost to the group. Santander is a leading European bank and we look forward to strengthening our relationship with them. We greatly thank Caja Rural for their interim support of the development of the La Parrilla mine," said W Resources Chair Michael Masterman.

Shares in W Resources were flat at 0.30 pence each on Tuesday in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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25 May 2022 15:42

IN BRIEF: W Resources shares to be cancelled from AIM on Thursday

W Resources PLC - tungsten, tin and gold mining and exploration company in Spain and Portugal - Confirms shares will be cancelled from trading on the AIM market in London, effective from Thursday morning. Back in April, W Resources had cited the "unprecedented difficult financial and operating circumstances in which the company finds itself" due to the rise in energy prices. On Wednesday, the company refers to "extremely high liquid natural gas prices that placed an excessive cost burden on the La Parrilla mine in Spain with the further impact of the ongoing truck drivers dispute which caused a shortage of critical spare parts". Also in April, Grant Thornton UK LLP resigned as its nominated adviser and Alternative Resource Capital and Shard Capital as brokers.

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IN BRIEF: W Resources to delist from AIM in May as energy costs bite

W Resources PLC - tungsten, tin and gold mining and exploration company in Spain and Portugal - Plans to delist shares from trading on AIM market in London, effective from around May 24. Cites the "unprecedented difficult financial and operating circumstances in which the company finds itself" due to the recent rise in energy prices. Shares have been suspended from trading since the start of April, and W Resources says on Monday that Grant Thornton UK LLP has resigned as its nominated adviser and Alternative Resource Capital and Shard Capital as its brokers.

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5 Apr 2022 14:24

IN BRIEF: W Resources suspends shares due to cashflow uncertainty

W Resources PLC - tungsten, tin and gold mining and exploration company in Spain and Portugal - Suspends its shares from trading on the Alternative Investment Market. This follows the firm suspending its production at La Parilla mine in northwestern Spain due to parts shortages and cashflows uncertainty.

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W Resources restarts La Parrilla after extended shutdown

(Sharecast News) - Portugal and Spain-focussed tungsten, tin and gold miner W Resources said on Friday that, following its maintenance shutdown, production at the La Parrilla mine in Spain had now restarted.

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IN BRIEF: W Resources eyes fundraise early next week

W Resources PLC - tungsten, tin and gold mining and exploring company in Spain and Portugal - Says discussions regarding fundraise, which is expected to be in the form of debt, are at a "very advanced stage" and expects to complete the fund raise early next week.

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15 Feb 2022 14:44

IN BRIEF: W Resources shares down by a third as fundraise on horizon

W Resources PLC - tungsten, tin and gold mining and exploring company in Spain and Portugal - Says fourth quarter production at its La Parrilla mine of tungsten concentrate dropped 47% to 89.7 tonnes from 168.3 tonnes in the prior quarter, with the recovery rate dropping quarter-on-quarter to 31% from 58%. Says production was hit by limited access to medium and higher-grade ore caused by a two-week delay in blasting, as well as delays caused by heavy rainfall into the pit. Heavy rain also constrained crushed ore operations, but stockpile will resolve the issue.

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(Sharecast News) - Spain and Portugal-focussed tungsten, tin and gold exploration and mining company W Resources updated the market on production at the La Parrilla tungsten and tin mine in Spain on Thursday, as it completed a £0.83m fundraise to relieve recent pressures on cash flow.

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